What are the forces moving the Minnesota economy? Adam Belz tries to identify the trends and show the connections between Minnesota and the larger U.S. and global economies. You can connect with him on Twitter: @adambelz

Minnesota posts 8th-fastest personal income growth in U.S.

Posted by: Adam Belz under Business trends, Economics Updated: December 19, 2012 - 12:46 PM

Minnesota’s personal income growth was among the fastest in the nation in the third quarter, according to estimates released Wednesday by the Bureau of Economic Analysis.

Earnings grew 0.8 percent in Minnesota over the three month period that ended Sept. 30, and are projected to be $248 billion for the year. The growth was driven by farm earnings, durable goods manufacturing jobs, management positions, health care, and state and local government wages.

Personal income in the finance and insurance industry fell during the quarter. Overall, income growth has slowed each of the past two quarters, after growing 2 percent in the first quarter of the year.

Minnesota ranked #8 among states for earnings growth, and the Upper Midwest shows up well in the rankings. North Dakota led all states, with the oil and gas boom driving personal income growth of 1.4 percent. Also in the top ten were Arkansas, Montana, Indiana, Idaho, Oregon, Texas, Ohio and Mississippi.

Nationally, personal income grew by half a percentage point in the quarter, a rate that's slowed since the first quarter, when it grew 1.6 percent. 

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